本次说明会将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次说明会，活动直播时间为 2024 年 9 月 13 日（周五） 14:00-16:30。 股票简称：老凤祥 股票代码：600612 编号：临 2024-027 老凤祥 B 900905 老凤祥股份有限公司关于 参加 2024 年上海辖区上市公司投资者集体接待日暨中报业 绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 老凤祥股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日发布《公司 2024 年半年度报告》。为进一步加强与投资者的互动交流，公司将参加由上海 上市公司协会与深圳市全景网络有限公司联合举办的"2024 年上海辖区上市公 司投资者集体接待日暨中报业绩说明会"（以下简称"本次说明会"），现将相 关事项公告如下： 一、说明会类型、时间、地点 二、参加人员 公司党委书记、董事长杨奕先 ...

Financial Performance - The company's operating revenue for 2023 reached ¥71,435,641,416.14, an increase of 13.37% compared to ¥63,010,144,202.99 in 2022[21]. - Net profit attributable to shareholders for 2023 was ¥2,214,395,285.15, reflecting a growth of 30.23% from ¥1,700,343,002.10 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥2,155,735,042.54, up 24.83% from ¥1,727,005,552.93 in 2022[21]. - The net cash flow from operating activities surged to ¥7,211,579,960.46, a significant increase of 648.02% compared to ¥964,083,141.66 in 2022[21]. - The total assets at the end of 2023 were ¥24,333,847,842.95, a decrease of 6.43% from ¥26,004,840,307.89 at the end of 2022[21]. - The net assets attributable to shareholders increased by 14.28% to ¥11,573,982,195.33 from ¥10,128,063,857.70 in 2022[21]. - Basic earnings per share for 2023 were ¥4.2331, representing a 30.23% increase from ¥3.2504 in 2022[22]. - The weighted average return on equity rose to 20.53%, an increase of 2.93 percentage points from 17.60% in 2022[22]. Revenue Breakdown - In 2023, the company's total revenue for the first quarter was approximately CNY 24.56 billion, with a net profit attributable to shareholders of CNY 715.96 million[24]. - The second quarter saw a revenue of CNY 15.79 billion and a net profit of CNY 556.96 million, while the third quarter's revenue was CNY 21.72 billion with a net profit of CNY 691.55 million[24]. - The fourth quarter reported a revenue of CNY 9.37 billion and a net profit of CNY 249.93 million, leading to a total annual revenue of CNY 71.57 billion[24]. - Jewelry sales contributed ¥58.14 billion, with a year-over-year growth of 9.84%[56]. - Domestic sales accounted for ¥70.72 billion, reflecting a growth of 13.21% year-over-year[56]. - International sales increased by 28.81%, reaching ¥510.50 million[56]. Market Expansion and Strategy - The company expanded its marketing network to 5,994 outlets by the end of 2023, with a net increase of 385 outlets during the year[35]. - The company expanded its domestic and international market presence, increasing its marketing network to 5,994 outlets, with a net addition of 385 outlets in 2023[43]. - The company plans to open at least 300 new retail outlets and distribution points in 2024 to enhance market presence[92]. - The company aims to enhance its governance structure by revising internal control management systems and establishing new guidelines for independent directors and committees[48]. Research and Development - The company filed 232 patent applications in 2023, including 4 invention patents, bringing the total number of invention patents to 25 and valid authorized patents to 822[47]. - The company launched 1,037 new and revised products during the year, enhancing the precision and professionalism of its themed products[46]. - The total R&D investment was CNY 36,574,965.74, representing 0.05% of operating revenue[63]. - The company has invested significantly in R&D, with a focus on innovative technologies to drive future growth[106]. Corporate Governance - The company appointed independent directors to the 11th Board of Directors on June 16, 2023, enhancing governance structure[110]. - The company has a history of experienced board members with diverse backgrounds in finance and management, contributing to strategic decision-making[110]. - The company’s board of directors includes external directors who are not part of the senior management team[116]. - The company has established specialized committees under the board, including audit, nomination, remuneration, and strategic committees[124]. Environmental, Social, and Governance (ESG) - The company invested 3.996 million yuan in environmental protection funds during the reporting period[149]. - The company implemented measures to reduce carbon emissions, including the addition of new environmental protection equipment[151]. - The company has established an ESG governance structure to enhance its environmental, social, and governance performance[152]. - The company plans to disclose its 2025 ESG report in 2025, aligning with industry standards[153]. Future Outlook - In 2024, the company targets total revenue of CNY 75.007 billion, representing a 5.00% increase from 2023's actual revenue[90]. - The company aims for a total profit of CNY 4.138 billion in 2024, reflecting a 4.00% growth compared to 2023[90]. - The company is committed to enhancing its competitive edge through a series of reforms outlined in the "Double Hundred Action" plan[90]. - The company will continue to focus on high-quality development and structural adjustments to meet market demands[88]. Legal and Compliance - The company is involved in a significant lawsuit where its subsidiary, Shanghai Laofengxiang Pawn Co., Ltd., is seeking RMB 124,300,000 from Shanghai Yibang Real Estate Co., Ltd. for overdue pawn transactions[161]. - The audit report emphasizes the importance of adequate disclosures in financial statements to avoid non-unqualified opinions if significant uncertainties exist[198]. - The company has maintained a standard unqualified opinion in its internal control audit report for the 2023 financial report[147].

Financial Performance - The company's operating revenue for Q3 2023 reached ¥21,722,484,099.92, representing a year-on-year increase of 9.72%[6] - Net profit attributable to shareholders for Q3 2023 was ¥691,553,699.10, an increase of 48.52% compared to the same period last year[6] - The basic earnings per share for Q3 2023 was ¥1.3220, reflecting a growth of 48.52% year-on-year[7] - The net profit attributable to shareholders for the year-to-date period reached ¥1,964,467,157.75, up 44.87% compared to the same period last year[6] - The net profit for Q3 2023 reached CNY 2,625,571,750.93, a 44.3% increase compared to CNY 1,819,623,455.19 in Q3 2022[23] - The total profit for Q3 2023 was CNY 3,519,611,421.35, compared to CNY 2,470,973,761.62 in Q3 2022, indicating a 42.4% increase[23] - The total comprehensive income for Q3 2023 was CNY 2,615,338,353.44, compared to CNY 1,793,178,007.09 in Q3 2022, marking a 45.9% increase[24] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥7,144,077,822.02, marking a significant increase of 119.93%[7] - Net cash flow from operating activities increased by 119.93%, amounting to ¥3,895,808,676.02[13] - The net cash flow from operating activities for the first three quarters of 2023 was CNY 7,144,077,822.02, significantly higher than CNY 3,248,269,146.00 in the previous year, indicating a 120.5% increase[27] - The company reported a decrease in investment cash flow, with a net cash outflow of CNY 56,705,746.82 in Q3 2023, compared to a net inflow of CNY 77,880,938.53 in Q3 2022[27] - The cash flow from financing activities showed a net outflow of CNY 1,815,891,320.66 in Q3 2023, an improvement from a net outflow of CNY 2,167,031,802.16 in Q3 2022[28] Assets and Liabilities - The total assets at the end of Q3 2023 amounted to ¥26,310,283,838.93, showing a slight increase of 1.17% from the end of the previous year[7] - The total assets as of September 30, 2023, were CNY 26,310,283,838.93, slightly up from CNY 26,004,840,307.89 at the end of 2022[21] - The total liabilities decreased to CNY 12,893,855,226.40 from CNY 14,023,369,292.13, a decline of 8.0%[20] - The company's cash and cash equivalents at the end of the period increased by ¥5,292,056,349.72, a growth of 94.89%[11] - The company's cash and cash equivalents as of September 30, 2023, amounted to CNY 10,869,042,580.91, compared to CNY 5,576,986,231.19 at the end of 2022, indicating an increase of 94.1%[18] Inventory and Receivables - Accounts receivable increased significantly by 1,356.84% compared to the beginning of the period, attributed to increased sales activities[11] - Accounts receivable increased significantly to CNY 6,442,736,756.95 from CNY 442,240,196.99, marking a growth of 1,359.5%[18] - Inventory decreased by ¥9,682,009,784.91, reflecting a decline of 57.63% due to reduced stock levels[11] - Inventory decreased to CNY 7,117,220,968.24 from CNY 16,799,230,753.15, a reduction of 57.6%[19] Expenses and Investments - Research and development expenses for the first three quarters of 2023 were CNY 26,570,530.78, compared to CNY 23,351,447.59 in 2022, an increase of 9.5%[22] - The company reported a net investment loss of CNY 101,181,360.60 for the first three quarters of 2023, compared to a loss of CNY 9,178,181.89 in the same period of 2022[22] - Investment income decreased by 1,002.41%, with a reduction of ¥92,003,178.71[13] Other Financial Metrics - The weighted average return on equity for the year-to-date period was 18.24%, an increase of 4.37 percentage points compared to the previous year[7] - The company's retained earnings increased to CNY 10,002,192,538.70 from CNY 8,801,477,316.39, reflecting a growth of 13.6%[21] - The basic and diluted earnings per share for Q3 2023 were CNY 3.7553, compared to CNY 2.5923 in Q3 2022, reflecting a growth of 45%[24]

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥40.34 billion, an increase of 19.57% compared to ¥33.74 billion in the same period last year[19]. - The net profit attributable to shareholders was ¥1.27 billion, reflecting a growth of 42.95% from ¥890.44 million in the previous year[19]. - The net cash flow from operating activities amounted to ¥9.16 billion, up 43.37% from ¥6.39 billion year-on-year[19]. - The basic earnings per share increased to ¥2.43, a rise of 42.95% compared to ¥1.70 in the same period last year[20]. - The company reported a total revenue of 78,758,776.87 for the first half of 2023, with a net profit of 48,552,207.64, reflecting a decrease of 2,605,550.41 compared to the previous period[55]. - The company reported a total operating cash inflow of CNY 44,726,464,657.01, compared to CNY 36,774,550,372.51 in the first half of 2022, marking an increase of approximately 21.5%[111]. - The company reported a total comprehensive income of ¥1,693,246,837.51 for the first half of 2023, compared to ¥1,187,371,999.88 in the same period last year[106]. - The company reported a net loss of approximately ¥763.75 million for the first half of 2023, compared to a loss of ¥354.49 million in the same period last year, indicating a significant decline in performance[120]. Assets and Liabilities - The company's total assets decreased by 10.25% to ¥23.34 billion from ¥26.00 billion at the end of the previous year[19]. - The company's cash and cash equivalents at the end of the period amounted to ¥12,724,272,217.84, reflecting a significant increase of 128.16% from ¥5,576,986,231.19 at the end of the previous year[43]. - Accounts receivable increased by 62.41% to ¥718,243,367.26, mainly due to an increase in receivables from a subsidiary[43]. - Inventory decreased by 55.82% to ¥7,421,303,964.19, primarily due to a reduction in inventory at a subsidiary[43]. - The total liabilities of the company as of June 30, 2023, were not explicitly stated but are critical for assessing financial health[96]. - The company's total equity attributable to shareholders was ¥10,128,063,857.70 as of June 30, 2023, compared to ¥11,981,471,015.70 at the end of the previous year, indicating a decrease of 15.4%[118]. Market and Business Operations - In the first half of 2023, the company's main business, represented by the "Laofengxiang" brand, accounted for 99.35% of total revenue and 91.85% of total profit[25]. - The retail sales of gold and jewelry in China reached 168.9 billion yuan, with a year-on-year growth of 17.5%[25]. - The company has a total of 5,631 marketing outlets as of June 2023, including 15 overseas stores, an increase of 22 outlets compared to the end of 2022[27][34]. - The company launched a three-year action plan (2023-2025) focusing on market expansion, brand upgrading, and management efficiency[32]. - The company is actively pursuing market expansion, as evidenced by the performance of its subsidiary Shanghai Old Fengxiang, which achieved a profit increase of 162.19%[58]. Research and Development - Research and development expenses increased by 20.90% to ¥17,028,054.15, driven by higher wages and material consumption at subsidiaries[40]. - The company has established two jewelry production bases in Dongguan and Hainan, enhancing production efficiency and product quality through advanced automation technology[30]. - New product development efforts are highlighted by the subsidiary Shanghai Longcheng Manufacturing, which reported a revenue of 2,220 with a profit margin of 5.76%[57]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to pay attention to these risks[6]. - The company anticipates challenges in the jewelry industry due to macroeconomic uncertainties and a slowdown in consumer spending growth[60]. - Inventory management risks are highlighted, particularly concerning gold, platinum, silver, and diamond prices, which can affect operational stability[60]. - The company is actively monitoring the risks associated with gold price volatility, which could impact consumer behavior and overall sales performance[60]. Corporate Governance - The company has undergone a leadership change, with new appointments including Yang Yi as Chairman and Huang Hua as General Manager, effective from June 16, 2023[65]. - The company has established a new governance structure with a refreshed board of directors and management team to drive future growth initiatives[65]. - The company confirmed its ability to continue as a going concern for the next 12 months, indicating no significant doubts about its operational viability[136]. Social Responsibility - The company provided financial support of 230,000 yuan per year for each of the two villages in Chongming Port, and 100,000 yuan per year for each of the 11 villages in Yunnan Pu'er Lancang County as part of its poverty alleviation efforts[71]. - The company has maintained a commitment to environmental protection, with no significant environmental incidents reported during the reporting period[69]. Strategic Focus - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[106]. - The company has indicated a strategic focus on mergers and acquisitions to enhance its market position and operational capabilities[126]. - The overall financial outlook remains cautious, with the company providing guidance for potential recovery in the latter half of 2023[126].

Financial Performance - The company's operating revenue for Q1 2023 reached ¥24,558,455,776.90, representing a year-on-year increase of 33.17%[6] - Net profit attributable to shareholders was ¥715,957,438.14, marking a significant increase of 76.10% compared to the same period last year[6] - The basic earnings per share (EPS) for the quarter was ¥1.3686, reflecting a 76.10% increase year-on-year[7] - The net profit for Q1 2023 was CNY 955,973,107.14, an increase of 71.4% compared to CNY 557,619,440.81 in Q1 2022[24] - The operating profit for Q1 2023 was CNY 1,269,117,106.26, compared to CNY 766,913,411.52 in Q1 2022, reflecting a growth of 65.5%[24] - The company reported a total comprehensive income of CNY 955,575,855.32 for Q1 2023, compared to CNY 561,570,374.46 in Q1 2022, marking an increase of 70.0%[25] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥27,587,174,575.05, up 6.08% from the end of the previous year[7] - Current assets totaled ¥26,337,650,156.31 as of March 31, 2023, compared to ¥24,747,014,115.95 at the end of 2022, marking a 6.4% increase[19] - Total liabilities reached ¥14,984,134,028.32, up from ¥14,023,369,292.13, indicating a 6.9% increase[20] - Total equity increased to ¥12,603,040,546.73 from ¥11,981,471,015.76, a growth of 5.2%[21] Cash Flow - Cash flow from operating activities was ¥6,768,920,830.46, showing a growth of 9.35%[7] - Net cash flow from operating activities increased by ¥578,758,899.52, a growth of 9.35%, attributed to higher cash receipts from sales and services[12] - The net cash flow from operating activities was CNY 6,768,920,830.46, an increase of 9.3% compared to CNY 6,190,161,930.94 in Q1 2022[28] - Net cash flow from investing activities decreased by ¥364,431,690.84, a decline of 1299.75%, due to reduced cash receipts from investment recoveries[12] - Investment activities resulted in a net cash outflow of CNY 336,393,191.20, contrasting with a net inflow of CNY 28,038,499.64 in the previous year[28] - Net cash flow from financing activities increased by ¥1,220,061,192.08, representing a growth of 1102.69%, primarily due to increased cash from borrowings[12] Revenue and Costs - Revenue for the first quarter increased by ¥6,116,852,695.30, representing a growth of 33.17%, primarily due to increased sales of gold and jewelry products[11] - Operating costs rose by ¥5,598,949,807.47, with a growth rate of 32.95%, mainly attributed to higher costs associated with gold and jewelry sales[11] - Total operating costs for Q1 2023 were ¥23,255,298,713.66, up from ¥17,577,773,826.39 in Q1 2022, reflecting a 32.5% increase[23] Other Financial Metrics - The weighted average return on equity (ROE) improved to 6.83%, an increase of 2.50 percentage points from the previous year[7] - Cash and cash equivalents increased by 135.11%, reaching ¥7,535,219,235.69, primarily due to cash inflows from subsidiaries[9] - Trade receivables rose by 60.52%, totaling an increase of ¥267,642,787.86, attributed to increased sales by a subsidiary[9] - Inventory decreased by 35.63%, down by ¥5,986,250,023.80, mainly due to reduced stock levels at a subsidiary[9] - Long-term borrowings increased significantly by 564.31%, amounting to an additional ¥1,130,609,722.22, primarily from a subsidiary's financing activities[10] - Other income surged by ¥7,835,743.19, marking a significant increase of 699.85%, driven by increased fiscal subsidies for subsidiaries[11] - Investment income decreased by ¥66,767,710.32, reflecting a decline of 2452.42%, primarily due to losses from the disposal of financial liabilities[11] - Management expenses rose by ¥35,219,702.70, with a growth rate of 31.06%, mainly due to increased salary expenses in a subsidiary[11] - Fair value changes in financial assets increased by ¥121,173,701.64, reflecting a growth of 120.30%, primarily from gains in financial liabilities[11]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥33,739,536,981.20, representing a 6.80% increase compared to ¥31,590,126,026.75 in the same period last year[16]. - The net profit attributable to shareholders of the listed company decreased by 14.53% to ¥890,443,333.57 from ¥1,041,852,426.27 in the previous year[16]. - The basic earnings per share for the first half of 2022 were ¥1.7022, a decrease of 14.53% from ¥1.9916 in the same period last year[17]. - The total profit amounted to 1.63 billion CNY, representing 52.12% of the board's target of 3.13 billion CNY, a decrease of 8.53% compared to the same period in 2021[23]. - The net profit attributable to shareholders was 890 million CNY, achieving 51.50% of the target of 1.73 billion CNY, down 14.53% year-on-year[23]. - The company reported a total comprehensive income of 1,045,405,103 RMB for the first half of 2022, up from 1,041,852,426 RMB in the same period last year, reflecting a slight increase[123]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 134.51% to ¥6,388,768,435.40 compared to ¥2,724,290,560.36 in the same period last year[16]. - Cash and cash equivalents at the end of the period amounted to ¥11,820,380,314.52, a significant increase of 67.77% from the previous year[40]. - The total cash and cash equivalents at the end of the period reached CNY 11,816,620,314.52, up from CNY 7,358,182,695.30 at the end of the first half of 2021, marking an increase of approximately 60.5%[101]. - The company reported a net increase in cash and cash equivalents of CNY 4,774,606,648.09, compared to CNY 1,764,135,503.34 in the first half of 2021, representing a growth of about 170.5%[101]. Assets and Liabilities - The total assets at the end of the reporting period were ¥23,738,776,639.35, up 6.57% from ¥22,274,857,485.87 at the end of the previous year[16]. - The company's total liabilities increased by 255.32%, amounting to 1,114,364,401.80 CNY, up from 313,620,634.70 CNY in the previous period[43]. - Total liabilities rose to ¥12,738,599,681.52, compared to ¥11,416,212,394.44, reflecting an increase of about 11.56%[86]. - The company's total current assets decreased by 44.66%, amounting to 367,734,088.57 CNY, compared to the previous period[42]. Operational Efficiency - The company operates in three main sectors: gold and jewelry, arts and crafts, and stationery products, with a focus on expanding its market presence[21]. - The company has invested in two jewelry production bases in Dongguan to enhance its production efficiency and product quality[27]. - The company aims to enhance its product development capabilities by coordinating its two production bases in Dongguan and Hainan[31]. - The company completed the construction and operation of the Hainan Gold Jewelry Fashion Creative Center during the reporting period[31]. Market Presence and Expansion - The company had a total of 5,055 marketing outlets by the end of June 2022, with a net increase of 110 outlets in the first half of the year[25]. - The company has not disclosed any plans for new product launches or significant mergers and acquisitions during this reporting period[21]. - The company plans to continue expanding its market presence and investing in new product development, although specific figures were not disclosed in the report[123]. Research and Development - Research and development expenses rose by ¥1,346,908.72, or 10.57%, totaling ¥14,084,651.45, driven by increased external R&D costs[37]. - The company is focusing on enhancing its technological capabilities to support new product launches and improve operational efficiency[123]. Social Responsibility and Environmental Commitment - The company has emphasized its commitment to environmental protection and has not faced any significant environmental incidents during the reporting period[61]. - The company is actively involved in social responsibility initiatives, providing 230,000 yuan annually to two villages for poverty alleviation efforts[62]. Governance and Management - The company underwent a leadership change, with Yang Yi elected as the new chairman and Huang Hua as the vice chairman following the resignation of Shi Lihua[57]. - The company has not reported any significant litigation or arbitration matters during the reporting period[69]. - There are no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[68]. Financial Health and Future Outlook - The overall financial health of the company remains strong, with a solid equity base and positive growth trends in key financial metrics[116]. - The management expressed optimism about achieving its performance guidance for the upcoming quarters, supported by strong user data and market demand[123].

Financial Performance - The company's operating revenue for 2021 was CNY 58.69 billion, an increase of 13.47% compared to CNY 51.72 billion in 2020[20]. - The net profit attributable to shareholders for 2021 was CNY 1.88 billion, representing an 18.30% increase from CNY 1.59 billion in 2020[20]. - The total assets of the company at the end of 2021 were CNY 22.27 billion, a 13.86% increase from CNY 19.56 billion at the end of 2020[21]. - The company's net assets attributable to shareholders increased by 15.40% to CNY 9.19 billion at the end of 2021, compared to CNY 7.96 billion at the end of 2020[21]. - Basic earnings per share for 2021 were CNY 3.5868, an increase of 18.30% from CNY 3.0319 in 2020[22]. - The weighted average return on equity for 2021 was 21.74%, up from 21.03% in 2020[22]. - The total profit for 2021 was 3.242 billion yuan, surpassing the board's target of 3.081 billion yuan by 105.22%, and increased by 16.00% from the previous year's profit of 2.794 billion yuan[38]. - The net profit attributable to shareholders was 1.876 billion yuan, exceeding the board's target of 1.735 billion yuan by 108.15%, and grew by 18.30% from 2020's net profit of 1.586 billion yuan[38]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 15.25% to CNY 1.99 billion in 2021, down from CNY 2.35 billion in 2020[21]. - The company plans to distribute a cash dividend of CNY 14.50 per 10 shares, totaling CNY 758.52 million, based on the total share capital as of December 31, 2021[5]. - The company reported a retained earnings balance of CNY 1.43 billion after the proposed dividend distribution[5]. - The operating cash flow for the year was ¥2.93 billion, with significant fluctuations in cash flow across the quarters, including a negative cash flow of ¥2.67 billion in Q3[24]. - The operating cash flow decreased by 15.25% to ¥1.99 billion, down from ¥2.35 billion in the previous year, primarily due to increased operational expenditures[48]. Market Position and Sales - The retail sales of gold and jewelry in China reached ¥304.1 billion in 2021, a year-on-year increase of 29.8%, indicating strong market demand[28]. - The company maintained a dominant market position, with its "Lao Feng Xiang" brand accounting for 99.25% of total revenue and 86.12% of total profit in 2021[29]. - The number of marketing outlets increased to 4,945 by the end of 2021, with a net addition of 495 outlets during the year, enhancing market penetration[31]. - The actual gold consumption in China reached 1,120.90 tons in 2021, a 36.53% increase compared to 2020, showcasing a recovery in consumer demand post-pandemic[28]. - The wholesale revenue amounted to ¥43.29 billion, showing a year-over-year increase of 20.03%[54]. - The retail revenue increased significantly by 67.16% year-over-year, reaching ¥3.94 billion[54]. Product Development and Innovation - The R&D expenses surged by 53.91% to ¥30.80 million, up from ¥20.01 million in the previous year, indicating a strong focus on innovation[49]. - The company launched 116 new products in 2021, setting a new record for product development[42]. - The company holds 258 patent applications, including 19 granted invention patents and 719 effective authorized patents[66]. - The company plans to continue developing new products, focusing on high-value series like "Master" and leveraging innovative designs and materials to enhance brand recognition and product value[99]. Strategic Plans and Future Outlook - The company aims for a total revenue target of 63.099 billion CNY for 2022, representing a growth of 7.51% compared to 2021[95]. - The profit target for 2022 is set at 3.133 billion CNY, which is a decrease of 3.35% from the previous year[95]. - The company plans to enhance its market position and operational efficiency through strategic reforms and resource optimization[94]. - In 2022, the company aims to open at least 300 new retail outlets, including franchise stores and distribution points, focusing on emerging regional markets with annual sales exceeding 2 billion RMB[96]. - The company plans to enhance its brand influence through a series of marketing activities themed around "national trends," aiming to establish itself as the preferred brand for domestic jewelry products[98]. Corporate Governance and Management - The company has a comprehensive internal remuneration system for determining the compensation of directors and senior management based on performance[118]. - The company has established specialized committees within the board, including an audit committee and a strategic committee, to enhance governance[125]. - The company has continued to engage with external auditors for financial and internal control audits, ensuring transparency and accountability[121]. - The company has maintained a stable management team, with no significant changes in shareholding among directors and senior management[109]. Social Responsibility and Environmental Impact - The company invested 1,675,700 CNY in environmental protection efforts in 2021, focusing on improving production processes and updating environmental facilities[145]. - The company emphasizes the importance of fulfilling social responsibilities while balancing economic and social benefits[147]. - The company has invested 5.9 million RMB in poverty alleviation efforts across 24 villages in Yunnan Province since 2019, with all three counties successfully lifting themselves out of poverty by 2020[148]. - The company generated 32.82 tons of hazardous waste and 80.51 tons of general industrial solid waste in 2021[147]. Risks and Challenges - The jewelry industry is expected to face uncertainties in 2022 due to macroeconomic factors, including the impact of the COVID-19 pandemic and fluctuating consumer demand[101]. - The company remains exposed to risks related to gold price and exchange rate fluctuations, which could significantly affect its operations[101]. - Inventory management risks are present due to the volatility of raw material prices, particularly for gold and other precious metals[102].

Financial Performance - The company's operating revenue for Q3 2021 was ¥18,196,292,158.08, representing a year-on-year increase of 4.70%[6] - The net profit attributable to shareholders for Q3 2021 was ¥456,314,933.72, showing a decrease of 7.20% compared to the same period last year[6] - The basic earnings per share for Q3 2021 was ¥0.8723, down by 7.20% year-on-year[7] - Total operating revenue for the first three quarters of 2021 reached ¥49.79 billion, an increase of 13.5% compared to ¥43.87 billion in the same period of 2020[22] - Net profit for the first three quarters of 2021 was ¥1.95 billion, representing a 21.0% increase from ¥1.61 billion in the same period of 2020[23] - The net profit attributable to the parent company for Q3 2021 was approximately ¥1.50 billion, an increase from ¥1.23 billion in Q3 2020, representing a growth of 21.6%[24] - The total comprehensive income for Q3 2021 reached approximately ¥1.95 billion, compared to ¥1.62 billion in Q3 2020, reflecting an increase of 20.6%[24] - Basic and diluted earnings per share for Q3 2021 were both ¥2.8639, up from ¥2.3562 in Q3 2020, indicating a growth of 21.5%[24] Assets and Liabilities - Total assets at the end of the reporting period reached ¥21,649,609,475.19, an increase of 10.66% from the end of the previous year[7] - The company's total assets as of September 30, 2021, amounted to ¥21.65 billion, compared to ¥19.56 billion at the end of 2020, marking an increase of 10.7%[20] - Current assets totaled ¥20.43 billion as of September 30, 2021, up from ¥18.75 billion at the end of 2020, indicating an increase of 9.0%[19] - The total liabilities as of September 30, 2021, were ¥11.25 billion, compared to ¥10.15 billion at the end of 2020, an increase of 10.9%[20] - The company's equity attributable to shareholders increased to ¥8,812,346,537.93, reflecting a growth of 10.64% compared to the previous year-end[7] - The company's equity attributable to shareholders amounted to ¥7,964,899,088.05, with total equity reaching ¥9,414,434,126.70[32] Cash Flow - The cash flow from operating activities showed a significant decline of 95.12% to ¥57,681,808.67 for the year-to-date period[7] - Net cash flow from operating activities decreased by 95.12%, amounting to 1,125,158,242.36 yuan, mainly due to increased cash payments for goods and services[13] - Cash flow from operating activities for the first three quarters of 2021 was approximately ¥49.76 billion, compared to ¥43.18 billion in the same period of 2020, marking an increase of 15.5%[26] - The net cash flow from investing activities for the first three quarters of 2021 was approximately ¥47.47 million, a significant recovery from a net outflow of ¥116.50 million in the same period of 2020[27] - Cash flow from financing activities showed a net outflow of approximately ¥256.32 million in the first three quarters of 2021, an improvement from a net outflow of ¥621.65 million in the same period of 2020[27] Expenses and Costs - Total operating costs for the first three quarters of 2021 were ¥47.49 billion, up from ¥41.64 billion in 2020, reflecting a growth of 14.1%[22] - Research and development expenses increased by 6,577,417.50 yuan, a growth rate of 48.58%, attributed to increased R&D investments by subsidiaries[12] - Research and development expenses for the first three quarters of 2021 were ¥20.12 million, up from ¥13.54 million in the same period of 2020, an increase of 48.6%[23] - Tax and additional charges increased by 65,547,239.09 yuan, a growth rate of 64.16%, primarily due to increased consumption tax and additional taxes from a subsidiary[12] Receivables and Inventory - Accounts receivable increased dramatically by 3085.90%, with a balance of ¥4,632,071,506.24 at the end of the period[11] - Accounts receivable amounted to ¥150,104,254.28, with a total current assets of ¥18,751,673,610.81, reflecting a decrease of ¥12,977,388.92 compared to the previous period[30] - The company has a total inventory of ¥11,882,149,184.17, which remains unchanged from the previous period[30] Other Financial Metrics - The company reported a government subsidy of ¥5,236,599.05 for the current period, contributing to its non-recurring gains[9] - Other comprehensive income increased by 3,177,294.89 yuan, a growth rate of 170.59%, mainly due to foreign currency translation differences[12] - Fair value changes in financial assets increased by 17,737,707.58 yuan, a growth rate of 55.05%, due to gains from trading financial assets[12] - Asset disposal income increased by 287,237,219.67 yuan, a growth rate of 6343.99%, primarily due to increased compensation income from a subsidiary[12]